Jan 11, 2023 - Business
Nashville home sales slid in 2022
Home sales in the region fell 15% in 2022 compared to the previous year, according to new data released this week.
- Greater Nashville Realtors, which collects data from nine Middle Tennessee counties, reported 39,831 homes sold in 2022.
- The group reported a steeper drop in the fourth quarter, when sales were down 36% year-over-year.
Why it matters: The data shows the housing market continuing to soften after a white-hot period in 2021 and early 2022.
By the numbers: Prices continued to rise year-over-year. The median price for a single-family home in December was $470,000, up from $437,362 in December 2021.
- The median price of condos sat at $352,000, up from $298,918 in the same timeframe.
What we're watching: "2023 will likely bring great opportunities for buyers with rising inventories and longer days on market," Brad Copeland, Greater Nashville Realtors president, said in a statement.
- "Sellers should be prepared to have their properties in great condition prior to hitting the market."
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